Dubai, UAE –Â HSBC Bank Oman and local rival Sohar International Bank have entered into a binding merger agreement, Reuters reported on Wednesday.
The banks said in two separate regulatory announcements that all assets and liabilities of HSBC Oman will be transferred to Sohar International.Â
HSBC Oman will cease to exist as a legal entity and its shares will be cancelled following the completion of the merger, the banks said.
Earlier in 2012 HSBC Bank Middle East’s operations in Oman merged with Oman International Bank to create a HSBC Bank Oman.
“HSBC Bank Middle East Limited will now seek regulatory approval to establish a new, wholly owned branch of HSBC Bank Middle East Limited in Oman, should the merger of HSBC Oman and Sohar International receive the necessary shareholder approvals,” the bank said in a separate statement on Wednesday.
In 2021, The largest lender in Saudi Arabia, National Commercial Bank (1180.SE), merged with its smaller competitor Samba Financial Group to form Saudi National Bank, which has assets of more than $240 billion.
There have been two significant bank mergers in Abu Dhabi.